Why High-Value Homeowners Need More Coverage

Here are some of the reasons why you might need more insurance protection as a high-value homeowner.

If you are an affluent individual with a significant amount of wealth invested in your home, it’s important that you have the right homeowners insurance in Plano, Texas to address all your needs. Keep in mind that, as a high-value homeowner, your coverage needs may differ from the standard homeowner. For instance, not only will you need increased coverage to match the value of your home, but you may also need more coverage to address your increased risk for a liability issue. Surprised to learn that you have more liability exposure than the average homeowner? Here’s why your liability risks as a homeowner are higher and how increased homeowners insurance coverage can help.

Theft

Luxury homes tend to be targeted for theft more frequently. This is because high-value homes tend to house more expensive items that criminals can profit off of. Luckily, your homeowners insurance will include coverage for the personal belongings that are stolen or damaged. Even if you need more coverage than is offered in your policy, you can always tack an endorsement onto your existing policy to get the additional coverage that you need.

Household Staff

If you own a high-value home, you may also have a professional staff that helps you maintain it. For instance, you might have maids, gardeners, and so on as your employees. However, should one of your staff members get injured on your property, you might have a serious liability issue on hand. Luckily, investing in the right homeowners insurance will ensure that you have the increased liability coverage to address such sticky situations.

Cyber Crime/Data Breach

Finally, wealthy individuals are popular targets for identity theft. This is because gaining access to your personal information will give a hacker access to your finances and other assets. However, cyber liability coverages are often included in a high-value home insurance policy. This means that the cost of dealing with identity theft or cyber-attack would be covered under your policy.

This is why you might need additional coverage as a high-value homeowner. Interested in finding the right homeowners insurance in Plano, Texas to address your unique coverage needs? Then don’t hesitate to contact the experts at Tri-Star Insurance/HUB International. We are ready to get you the coverage that you need today.

About TriStar

With over 70 years of combined insurance experience, Tri-Star Insurance Professionals are committed to handle the insurance needs of our policy holders. Tri-Star Insurance Professionals consist of a well-trained and experienced team who will assist you with policy servicing and claims handling.